Soy Grits Market Forecasts to 2030 - Global Analysis By Type (Roasted, Non-roasted and Other Types), Grain Size (Coarse Soy Grits, Fine size Soy Grits and Other Grain Sizes), Distribution Channel and By Geography

According to Stratistics MRC, the Global Soy Grits Market is accounted for $1.65 billion in 2023 and is expected to reach $2.81 billion by 2030 growing at a CAGR of 7.90% during the forecast period. Soy grits are a versatile and nutritious food product made from ground soybeans. They are a rich source of plant-based protein, making them an excellent option for vegetarians and vegans. Soy grits are produced by grinding whole soybeans into coarse particles, which can then be cooked in a variety of ways. They are often used as a meat substitute in dishes like burgers, meatloaf, and chili due to their texture and protein content.

According to the survey findings on U.S. soy, 70% of U.S. consumers prefer an intake of sufficient proteins, vitamins, minerals, and healthy fats as a top priority. According to Volza, the top three exporters of soy grits are India, followed by Chile and South Africa.

Market Dynamics:

Driver:

Functional properties

Functional properties are a significant driver of the soy grits market, as they offer various health benefits and versatility in applications. Soy grits are valued for their high protein content, which makes them an excellent meat alternative for vegetarians and vegans. Additionally, they provide essential nutrients such as fiber, vitamins, and minerals, contributing to overall health and wellness. Soy grits also possess functional attributes like emulsification, binding, and thickening properties, enhancing their utility in food formulations. As consumer demand for nutritious and functional foods continues to rise, soy grits remain a favored ingredient in the food industry.

Restraint:

Allergen concerns

Allergen concerns regarding soy grits primarily revolve around the potential presence of allergenic proteins, which can trigger adverse reactions in individuals with soy allergies. The soy grits market faces scrutiny due to the necessity of ensuring thorough cleaning and separation processes to prevent cross-contamination with other allergens, such as wheat or nuts, during production and packaging. Failure to effectively manage allergen risks can lead to health hazards and legal ramifications, impacting consumer trust and market viability. Stringent labeling regulations and allergen warnings are crucial to inform consumers and mitigate allergic reactions.

Opportunity:

Expanding vegan and vegetarian population

As the vegan and vegetarian population continues to grow globally, there is a significant opportunity for expansion in the soy grits market. Soy grits, being a versatile and nutritious plant-based protein source, align perfectly with the dietary preferences of these consumers. With increasing awareness about the health benefits and sustainability of plant-based diets, demand for soy-based products like soy grits is expected to surge. The growing interest in meat alternatives and the rise of flexitarian diets further contribute to the potential growth of the soy grits market. Additionally, companies that capitalize on this trend by offering high-quality, convenient soy grit products stand to benefit substantially in the evolving food industry landscape.

Threat:

Competitive pressure

As demand for soy-based products rises due to health-conscious consumer trends, more players enter the market, intensifying competition. Factors such as price wars, product differentiation, and aggressive marketing strategies become crucial to gaining an edge. Established brands may face challenges from smaller, niche players offering unique formulations or sustainable practices. Additionally, globalization opens avenues for international competition, further heightening the pressure. To thrive amidst this threat, companies must focus on innovation, quality, and strategic partnerships to maintain competitiveness and secure their position in the market.

Covid-19 Impact:

With disruptions in supply chains, logistical challenges, and fluctuating demand, the soy grits industry faced hurdles in production and distribution. Lockdown measures and restrictions on movement affected both the production and consumption sides, leading to reduced demand from the foodservice sector while increasing demand in retail channels. Additionally, economic uncertainties prompted consumers to prioritize essential items, potentially affecting discretionary purchases like soy grits. Despite challenges, the growing recognition of soy-based products for their nutritional value could provide opportunities for market recovery as the pandemic subsides, with an increased focus on health and wellness driving demand.

The non-roasted segment is expected to be the largest during the forecast period

The non-roasted segment in the soy grits market has seen significant growth due to increasing consumer awareness about the health benefits associated with non-roasted soy products. Non-roasted soy grits retain higher nutritional value compared to their roasted counterparts, making them attractive to health-conscious consumers. The rise in vegan and plant-based diets has further propelled the demand for non-roasted soy products, as they serve as a versatile protein source. Additionally, the food industry's focus on developing healthier and cleaner-label products has boosted the adoption of non-roasted soy grits in various food applications, such as snacks, cereals, and bakery products.

The speciality stores segment is expected to have the highest CAGR during the forecast period

The specialty stores segment has experienced notable growth due to the interest of consumers on seeking out specialized outlets that offer a wide range of niche products, including soy-based alternatives. These stores often provide a curated selection of high-quality soy grits, appealing to health-conscious consumers looking for plant-based protein sources. The rising demand for gluten-free and allergen-friendly options has spurred the growth of specialty stores catering to specific dietary needs.

Region with largest share:

The growth of the soy grits market in North America can be attributed to increasing consumer awareness regarding the health benefits of soy-based products. The versatility of soy grits in various food applications, including snacks, bakery products, and meat substitutes, has contributed to their popularity. Moreover, the growing trend towards plant-based diets and vegetarianism in the region has further fueled the demand for soy grits. Technological advancements in processing techniques have also improved the quality and availability of soy grits, driving market growth. Additionally, initiatives promoting sustainable agriculture and production practices have encouraged the adoption of soy-based products.

Region with highest CAGR:

The Asia-Pacific region has witnessed significant growth in the soy grits market due to rising awareness about the health benefits of soy-based products, including their high protein content and low cholesterol levels. Changing dietary preferences, particularly towards plant-based protein sources, have further fueled market expansion. Economic growth in countries like China and India has led to increased consumer spending power, driving consumption of soy grits and related products. Furthermore, technological advancements in food processing and distribution have made soy grits more accessible across the region.

Key players in the market

Some of the key players in Soy Grits market include Associated British Foods, Batory Foods, Bob's Red Mill Natural Foods, CerealVeneta S.r.l., CHS, Do It Organic, Emsland Group, International Flavors & Fragrances, Linyi Shansong Biological Products, NOW Health , Nutri-Pea, Puris Proteins, Sotexpro and SunOpta.

Key Developments:

In February 2024, The Emsland Group presents its plan to expand potato flake production in Emlichheim. The company is planning total investments in the mid-double-digit million range. In order to meet the increasing demand for year-round high-quality potato flakes while maintaining and expanding market position, the Emlichheim site will increase production capacity.

In December 2023, Batory Foods has created a new business unit, Batory Sweetener Solutions, to capitalize on its recent growth in the sweeteners sector. Batory Sweetener Solutions will be dedicated to food and beverage sweeteners, including conventional ingredients, low-sugar alternatives, precision blending and custom formulation.

Types Covered:

• Roasted
• Non-roasted
• Other Types

Grain Sizes Covered:

• Coarse Soy Grits
• Fine size Soy Grits
• Medium Size Soy Grits
• Other Grain Sizes

Distribution Channels Covered:

• Speciality Stores
• Online Retail Stores
• Retail Stores
• Other Distribution Channels

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances